MACRO ECONOMIC NEWS

THIS MONDAY IS BRINGING MORE MERCY, MORE GRACE AND MORE LOVE. WISHING A MERRY MONDAY.

Macro Economic News 07 Jan 2019

The People's Bank of China (PBOC) set the yuan reference rate at 6.8517 vs Friday's fix of 6.8586. Goldman Sachs has cut both the Brent and WTI oil price forecast by 2019. The dollar is against its peers this Monday, as investors wagered that the FED would put its policy tightening on pause in 2019, which eased market concerns about a slowing for U.S. growth. FED officials laid the groundwork to take a break from raising short-term interest rates in coming months, propelling stock prices already cheered by a stronger-than-expected December jobs report and wages surges.

 
 

FINANCIAL TIMES

[I]  US trade negotiators go to China against gloomy backdrop

[I]  US retail recovery under new scrutiny on Wall Street

[I]  Banks cut federal staff financial slack during shutdown

[I]  Eurozone is learning to deal with failed banks, regulator says

[I]  Nigerians feel economic pinch as election looms

[I]  Germany faces battle to overcome skill shortages

 

REUTERS

[I]  Rain clears smog in Delhi yet air quality 'very poor'

[I]  Oil rises on trade talks and supply cuts, but economic slowdown looms 

[I]  Australia, NZ dollars near 2-1/2 week highs on risk-on rally

[I]  Japan December services sector PMI shows weakest growth in 3 months

[I]  UK factories view border delays as a major Brexit risk: EEF

[I]  Israel met deficit target of 2.9 percent of GDP last year: finance minister

[I]  Iran says despite U.S. sanctions, it has found new 'potential' oil buyers

[I]  Japan's Abe says vigilant to global economic risks clouding recovery

[I]  Trump threatens years-long government shutdown, emergency powers to build wall

 

BLOOMBERG 

[I]  China’s Latest Move to Cushion Its Economy Won’t Be the Last, Economists Say

[I]  U.S. Stocks Still as Much as 14% Overvalued After Drop, NAB Says

[I]  Goldman Slashes Oil Price Forecasts as New Supply Seen Plentiful

[I]  Japan Firms Have $890 Billion in Cash. Here's Where They Might Spend It

[I]  Philippine Peso Faces New Threat as Duterte Gears Up for Poll

[I]  Fed to Weigh on Dollar, U.S.-China Talks, Jobs Report: Eco Day

[I]  Israeli Stocks Lead Advance Across Mideast Markets: Inside EM

 

WALL STREET JOURNAL

[I]  Dollar Slides After Powell’s Rate Remarks

[I]  Despite Jobs Report, Fed Likely Won’t Feel More Urgency to Raise Rates

[I]  Fed Chairman Powell Sees Flexibility on Rates This Year

[I]  Former Top Fed Official Says Central Bank Should Better Convey Uncertainty

[I]  China’s Manufacturing Sector Contracts

 

BUSINESS LINE

[I]  On the returns front, many a slip between benchmarks and equity SIPs

[I]  FinMins’ Group recommends allowing Kerala to levy cess at 1% for two years

[I]  Jan Dhan: Zero-balance accounts no more a bugbear for the Govt

[I]  Savings from Aadhaar can fund 3 Ayushman Bharat schemes: Jaitley

[I]  India ‘has pulled ahead in vehicle-emission norms’

 

ECONOMIC TIMES

[I]  Opec strategy still a winner for members despite oil slump

[I]  Maharashtra farmers to get government money directly into accounts

[I]  Crude shocker can be rude shocks for economy: RBI

[I]  Taxman on a refunds spree as income tax returns hit record high in FY19

[I]  Govt will soon make Aadhaar-driving licence linking mandatory: Ravi Shankar Prasad

[I]  Nepal writes to RBI to declare banned new Indian currency notes legal

[I]  Corporate affairs ministry to collect KYC details of companies, CAs

 

BUSINESS STANDARD

[I]  IT companies eye $80-billion pie as contracts up for renewal in 2019

[I]  65% of Indian consumers prefer to purchase online via smartphone: Report

[I]  Credit growth of private and non-PCA banks surges, says RBI report

[I]  Every $10 per barrel hike in oil price raises CPI by 0.49%, says study

[I]  Small businesses likely to be off GST radar; council to decide on Thursday

[I]  Govt to launch delayed second round of oil block auctions on Monday

 

MARKETS (08:00 am)

[I]  SGX NIFTY Fut: 10888;  USDINR DGCX: 69.6775;  DJIA Mini: 23532;  FTSE 100 Fut: 6785;  NIKKEI 225 Fut: 20113;  EUR-USD: 1.1420; Crude Oil (WTI): 48.65;  Gold (Spot): 1289

 

Best Regards, ARBIND

07 Jan 2019